Use the following information to develop both a beginning and ending year (January 1, 2021, and January 1, 2022) balance sheet for this example crop and stocker cattle farm. I would strongly recommend using the OSU example balance sheet simple template that is posted to the Canvas site for this class, or a similar spreadsheet template, because later on we are going to need the differences between beginning and ending values (so if you use a spreadsheet template it will do the calculations for you). This will be part one of a couple of assignments we will build on using this example farm. Whatever mechanism you use, save your result with a unique file name somewhere that you can access it later (thumb drive, your computer, cloud) and turn in it.

January 1, 2021 inventories: Cash and checking account balance $108,250.00. Accounts receivable $12,750.00. Supplies on hand $2,000.00. Investment in growing wheat and canola $120,000 (1000 acres at $120.00). Grain on hand $77,860.00 (19,000 bu. at $4.58/bu). Stocker cattle on wheat pasture $528,750.00 (450 hd. At $1,175.00 each). Machinery and equipment value $647,375.00. Building value $128,000.00. Owned land value $1,200,000.00. Operating loan balance $98,000.00, and stocker cattle loan balance $475,200.00 (again, depending on the template you use you may need to combine these on one line as a current liability).

Accounts payable $6,575.00. Accrued interest $20,000.00. Machinery loan total balance $346,166.00, with $65,545.00 principle due within next year. Real estate loan balance $287,900.00, with $7,775.00 principle due within next year.

January 1, 2022 inventories: Cash and checking account balance $128,250.00. Accounts receivable $9,000.00.
Supplies on hand $2,600.00. Investment in growing wheat and canola $140,000 (1000 acres at $140.00). Grain on hand $133,000.00 (19,000 bu. at $7.00/bu). Stocker cattle on wheat pasture $562,500.00 (450 hd. at $1,250.00 each). Machinery and equipment value $589,375.00. Building value $128,000.00. Owned land value $1,200,000.00. Operating loan balance $108,000.00, and stocker cattle loan balance $525,000.00 (again, depending on the template you use you may need to combine these on one line as a current liability).
Accounts payable $12,500.00. Accrued interest $19,500.00. Machinery loan total balance $280,621.00 with $64,801.00 principle due within next year. Real estate loan balance $280,125.00, with $7,750.00 principle due within next year.